Speaker 1: Welcome to How the Money. I'm Joel and I'm Matt,
Speaker 1: and today we're discussing fending off financial fomo. If you
Speaker 1: have three more fs to that, right, so we have
Speaker 1: six fs, you'll have white. That's a that's a graphic
Speaker 1: design joke. Okay, I don't care. I didn't get it. Like,
Speaker 1: there's codes associated with colors, and if you're trying to
Speaker 1: find a specific color, like stay with a specific brand,
Speaker 1: they've got their own six digit codes for their colors,
Speaker 1: and white is just f f F. That's now, you know,
Speaker 1: not good to know, but it's fine. It's fine. Um.
Speaker 1: And I was thinking through fending off financial fomo. We
Speaker 1: had three fs there. It's kind of like a tongue
Speaker 1: twister going on a little bit. Peter Piper picked up
Speaker 1: peck of I don't know. Yeah, that's it, some alliteration,
Speaker 1: and it's what we got going on here. By the way,
Speaker 1: I'm sure you know fomo is common parlance at this
Speaker 1: point in time. But if anybody doesn't know what it means,
Speaker 1: it means the fear of missing out. I can't believe
Speaker 1: you defined it. I had to know everybody. Okay, everybody
Speaker 1: knows it. I think I just insulted everyone's intelligence. Yeah,
Speaker 1: just a little bit, but we appreciate you being thorough.
Speaker 1: But yeah, so before we launched into this, though, you
Speaker 1: want to tell us about you. You got a great
Speaker 1: curb aler, right, almost a curbler almost. I got a
Speaker 1: text notification from a neighbor just after Christmas that they
Speaker 1: had bought their daughter a new bed and they were
Speaker 1: getting rid of her old bed. And this was like,
Speaker 1: exactly what you're looking for. She sent me a picture, um,
Speaker 1: and it was, you know, one of those I Kea
Speaker 1: you gotta put together with an Alan wrench. And sometimes
Speaker 1: when you move Ikea furniture, it doesn't last the move.
Speaker 1: But when you're only moving in a couple of doors down, um,
Speaker 1: you can be careful. And it it did great. But
Speaker 1: so do I score this awesome bed for my seven
Speaker 1: year old that she is obsessed with and that fits, um,
Speaker 1: that works perfectly for in her room for a hundred bucks. Man,
Speaker 1: My neighborhood was just sweet to put us on alert
Speaker 1: about that. I looked it up on IKEA's website. It's
Speaker 1: uh just under five bucks to buy that bed brand news.
Speaker 1: That's a sweet deal fo the savings right there, man,
Speaker 1: Uh and I'll say it is super solid. When I
Speaker 1: came over to look at it, like I'm kind of
Speaker 1: critical of Ikea stuff as well, and I reached up,
Speaker 1: I kind of gave it a shake, and I was surprised.
Speaker 1: I was like, did you like bolt this to the
Speaker 1: wall or something like? It did not move at all.
Speaker 1: And I'm a little jealous to you, man, I think
Speaker 1: that's the direction we might want to go as well,
Speaker 1: kind of getting the girls all their beds up in
Speaker 1: the air. And with schooling and they're you know, they're
Speaker 1: starting to amass their own possessions. It's not just kind
Speaker 1: of like kids toys, like they have their own little
Speaker 1: things or journals, pens, things like that. At the in particular,
Speaker 1: you know, she's getting older and so I could see
Speaker 1: having a desk, you know, the area underneath the bed
Speaker 1: being like her space, Like you can't go in there.
Speaker 1: There's drawers, things like that. We don't have anything like
Speaker 1: that right now. It's just kind of like a free
Speaker 1: for all in their room and they all invade each
Speaker 1: other's space. It's a problem. I will say to you're
Speaker 1: just letting your neighbors know that you're open to you stuff.
Speaker 1: You're open to hand me downs. Um, you know, they
Speaker 1: just they think of us now and they'll shoot us
Speaker 1: a text. And that's just kind of it's kind of
Speaker 1: nice to be thought of, because there's sometimes where I'm
Speaker 1: almost like surprised that they thought to include us, like
Speaker 1: a really really old refrigerator, but it actually makes sense
Speaker 1: because I think I have taken one of their old
Speaker 1: refrigerators before. But it's all the old things that they're getting. Ready,
Speaker 1: I'm like, all right, that's just trash. Okay, I don't
Speaker 1: really you don't even want to know about saying, hey, buddy,
Speaker 1: we've got a crumpled up piece of paper here for you.
Speaker 1: Would you like it exactly? But for the most part
Speaker 1: it works out really well. Um, you know, it's it's
Speaker 1: about half and half when we say yes to the
Speaker 1: to the item. But yeah, just nice to get a
Speaker 1: sweep bunk bed at a deep discount. Absolutely. And if
Speaker 1: you don't have neighbors, check out online and you know,
Speaker 1: and and a lot of cities on Facebook there are
Speaker 1: these buy nothing groups where you can exchange things for free.
Speaker 1: You gotta you need to do some contributing as well. Uh,
Speaker 1: if you're gonna you know, participate and take things for free.
Speaker 1: But that's another great way to find free items in
Speaker 1: order to to save some money, like like you guys
Speaker 1: were able to do. But it's really nice when something
Speaker 1: comes along that you're already looking for like that, for sure.
Speaker 1: That's right, that's right. All right, let's mention the beer
Speaker 1: that we're having on the show today. This one's called
Speaker 1: Dank Daniel or Dang Dang Daniel by High Screwing Company,
Speaker 1: and Matt apparently this was based on some sort of
Speaker 1: meme from five years ago or video from five years ago. Dude,
Speaker 1: I thought it was you. You asked. We were talking
Speaker 1: about it, and I was like, I think it's like
Speaker 1: a couple of years ago, and then I looked it up.
Speaker 1: It was in way longer ago than I actually realized. Okay,
Speaker 1: can we post the video a link to the video
Speaker 1: in our show notes? Okay, all right, it's it's actually
Speaker 1: it's pretty funny. It's so good. I'm glad. I finally,
Speaker 1: I'm always left out of stuff like that. I don't
Speaker 1: know why I'm not. I'm not like in tune with
Speaker 1: what's going on in the cultural zeitgeist all the time.
Speaker 1: And so yeah, catching up on stuff like that is
Speaker 1: is nice. I skip out on the some of the
Speaker 1: TV shows and instead, I guess I just watch memes
Speaker 1: because I don't know all the things out there. But
Speaker 1: for whatever reason, I'm done with the memes. But yeah,
Speaker 1: I'm looking forward to sharing this beer with you, man. Uh.
Speaker 1: And we'll talk about it at the end of the episode.
Speaker 1: But this episode we're talking about financial fomo. Yeah fomo,
Speaker 1: which again means no, I'm just kidding. I won't repeat it,
Speaker 1: but Teddy Roosevelt Matt once said, one of the great
Speaker 1: American presidents said, comparison the thief of joy. And how
Speaker 1: true is that, man? When we think about our own lives,
Speaker 1: that sometimes we can be completely happy doing going on
Speaker 1: our own merry way, and all of a sudden, something
Speaker 1: happening somewhere else in the world or in our neighborhood
Speaker 1: can immediately make us feel the opposite of happy. Uh.
Speaker 1: And it's purely because of comparison. And this episode is
Speaker 1: going to focus on how to deal with fomo so
Speaker 1: that we don't make moves that mess up our ultimate
Speaker 1: money goals. Due to short term experiences with the world
Speaker 1: around us, those feelings that it can foster can can
Speaker 1: lead us to make some really poor money decisions, and
Speaker 1: that's what we're hoping to avoid in our own lives
Speaker 1: and hoping to help our listeners avoid, you know, as
Speaker 1: we talked through it today. Yeah, a lot of folks
Speaker 1: might feel some significant FOMO if they're seeing individual stocks
Speaker 1: like Tesla sore this past year while you are investing
Speaker 1: in plain old index funds right, or even target date
Speaker 1: retirement funds, or maybe even mortgage rates you know, they've
Speaker 1: been at all time lows, and that might make you
Speaker 1: feel like you are the only person in your peer
Speaker 1: group who's not buying a house right now. Uh, and
Speaker 1: you don't want to miss out. But living life according
Speaker 1: to that FOMO could cause you to speculate and maybe
Speaker 1: buy bitcoin because others have seen success, or rushing the
Speaker 1: purchase maybe of a home just to secure that low
Speaker 1: andgest rate when you aren't actually ready to own a home,
Speaker 1: you know, either financially or for a number of other reasons.
Speaker 1: We don't want to let fomo dictate our personal finances.
Speaker 1: Fomo can cause us to put the cart before the horse,
Speaker 1: can cause us to do something in the wrong order,
Speaker 1: or just do something ill advised altogether. Right, And let's
Speaker 1: talk to fomo is often based on false assumptions of
Speaker 1: what is actually happening around us. Everyone else isn't actually
Speaker 1: buy a home while you're the only person sitting on
Speaker 1: the sidelines. That's just what's going through your brain. It
Speaker 1: might feel like you are, or anecdotally that might be true,
Speaker 1: like you might know somebody or a couple of folks
Speaker 1: who are doing that, but statistically that's not true. Everybody
Speaker 1: isn't doing that, right. It's just like when you flip
Speaker 1: through your Instagram feed and you see like three your
Speaker 1: friends in their bathing suit, you know, at the beach,
Speaker 1: You're like, everybody's there and I'm not. It's like, not everybody.
Speaker 1: And maybe some of those pictures from We're from weeks ago,
Speaker 1: who knows. But yeah, the amount of store reads that
Speaker 1: were written about like Tesla millionaires, right, there were certainly
Speaker 1: a few people that made a lot of money investing
Speaker 1: in Tesla. But do you actually know any of them?
Speaker 1: Probably not? And if you if you do know one, um,
Speaker 1: can you name two? Like do you know? I know?
Speaker 1: Maybe too? That's it. I don't. I don't even know too.
Speaker 1: I know one friend who made like grand and I'm
Speaker 1: super happy for him, But also, no, that's not the norm, right, Uh.
Speaker 1: And so even more key, have those friends who have
Speaker 1: done well and something like that ever talked to you
Speaker 1: about money that they've lost investing in other stocks, investing
Speaker 1: in other arenas. It's kind of like the gambler detailing
Speaker 1: his or her most amazing day at the table playing craps,
Speaker 1: but yet they've lost a fortune over the years. They
Speaker 1: had that one glorious night, but when it comes down
Speaker 1: to it, most of the time they're actually losing money.
Speaker 1: And I feel like fomo matt is often fueled by
Speaker 1: cherry pick sample size. It's people choosing which things they
Speaker 1: want to relay the biggest successes they've had, and they're
Speaker 1: leaving out all the other failures. And it prevents a
Speaker 1: shiny look to something that under the surface is much
Speaker 1: more sinister. That's right, But so why does fomo seem
Speaker 1: more prevalent today? You know, the whole notion that you're
Speaker 1: missing out on something important has become more pronounced, I
Speaker 1: think in recent years. Uh. And it's it's worth talking
Speaker 1: about how pomo has grown in scale and scope so
Speaker 1: that we can begin to combat it. So the first
Speaker 1: reason that we want to point to is just the
Speaker 1: twenty four our news cycle. You know that certainly plays
Speaker 1: a major role in the rise of FOMO in our
Speaker 1: collective anxiety. Uh. The amount of information that gets presented
Speaker 1: to us every single day has shot through the roof.
Speaker 1: We took in five times the amount of information that
Speaker 1: people encountered in and I would venture to say that
Speaker 1: it would be even more to day with the advent
Speaker 1: of you know how prevalent our smartphones are in our
Speaker 1: day to day lives. But bottom line, our generation has
Speaker 1: just been exposed to way more information, way more news
Speaker 1: uh than previous generations. And you know, the thing is,
Speaker 1: we're not all that great at processing these massive amounts
Speaker 1: of information on a daily basis. Yes, it's information overload,
Speaker 1: and we don't know how to determine what's important, what's meaningful,
Speaker 1: from what's not. And that lack of being able to
Speaker 1: filter things well when that much is coming out us,
Speaker 1: when we're essentially drinking from a fire hose, can make
Speaker 1: it hard to make the right decisions, especially when it
Speaker 1: comes to our money. Another reason why FOLMO seems more
Speaker 1: prevalent today is of course the culprit that everyone points
Speaker 1: to social media, and that that's another part of the
Speaker 1: reason we're encountering way too much information. We're encountering so
Speaker 1: much information than prior generations Facebook, Twitter, and even Instagram. Now, man,
Speaker 1: it's not just pictures anymore. People got along soliloquy to
Speaker 1: write underneath that picture, and so we're confronted with and
Speaker 1: we're forced to dissect everyone's opinion. And just to be honest,
Speaker 1: there are a lot of lamb opinions out there. And
Speaker 1: let's not forget to YouTube. We're apparently users are uploading
Speaker 1: five minutes of content every single minute. I mean, that's
Speaker 1: a lot of content out there. Yeah, more content being
Speaker 1: uploaded than any human being could watch in their entire lifetime. Um.
Speaker 1: And that's a lot of content that can distract and
Speaker 1: overload your faculties. Um. And I think that can actually
Speaker 1: just heighten the sense of fomo that we feel in
Speaker 1: our everyday lives. Yeah, and you just mentioned Instagram too,
Speaker 1: as far as like the long essays written underneath the
Speaker 1: actual images. But like, let's not discount the images themselves.
Speaker 1: You know, it's not just social media where we're kind
Speaker 1: of writing, like sharing our thoughts on a personal blog
Speaker 1: or things like that. But dude, images are really really
Speaker 1: powerful you know the example you gave earlier talking about
Speaker 1: folks hanging out at the beach. You know, when we
Speaker 1: see these images of people's you know, possessions or what
Speaker 1: they're doing, it can have a pretty big impact on
Speaker 1: our psyche. Uh and hopefully it doesn't have an impact
Speaker 1: on our money, but it can. You know, like you
Speaker 1: feel a certain way if you see a friend, um,
Speaker 1: you know, post a picture of their new tesla, or
Speaker 1: you see somebody on a vacation, because experiences are something
Speaker 1: that we value these days as well. Obviously we're not
Speaker 1: traveling as much, but hopefully we will be soon. But
Speaker 1: let's not discount the ability of just images to to
Speaker 1: influence our decisions as well. Can I say to In
Speaker 1: recent years, I've just kind of stopped posting um really
Speaker 1: anywhere is in particular on Facebook, I haven't posted in
Speaker 1: probably years. And Instagram I post maybe twice a year,
Speaker 1: and it's just a couple of pictures that I want
Speaker 1: to remember in like a extremely curated feed. But part
Speaker 1: of that was seeing how other people react to the
Speaker 1: images that that are posted, seeing how I felt sometimes
Speaker 1: seeing some of the images around as I scrolled through
Speaker 1: my feed, and I was like, what do I want
Speaker 1: to put out there in the world. Um, And I
Speaker 1: think ultimately I decided and I wanted to put out
Speaker 1: just less stuffy. Yeah, it's certainly weird. I mean the
Speaker 1: relationship we have with Instagram, social media things that project
Speaker 1: something when we know that it's not true. But at
Speaker 1: the same time, like, I don't want to be one
Speaker 1: of those people that that states like, oh, by the way,
Speaker 1: this is just the highlight reel. It's like, well, like, yeah,
Speaker 1: I I get that, like that's how we treat it.
Speaker 1: But at the same time, it's weird to continue to
Speaker 1: do that when we know it does have an impact
Speaker 1: on folks. Folks want to put that disclaimer out there.
Speaker 1: But at the same time, I think we are I
Speaker 1: don't know, maybe wising up a little bit with how
Speaker 1: we perceive and how we use social media ourselves. Um.
Speaker 1: But you know, another thing to kind of think through
Speaker 1: is who are the ones that are participating in this,
Speaker 1: you know, different types of social media. Who is susceptible
Speaker 1: to FOMO basically, and statistics certainly point towards younger folks
Speaker 1: who have grown up being constantly connected as having more
Speaker 1: anxiety in general and an increase of uh you know
Speaker 1: in that fear of missing out. But it isn't just
Speaker 1: the youngest folks in our society. People who consider themselves
Speaker 1: news junkies obviously, and even social extroverts are at higher
Speaker 1: risk for feeling FOMO as well. So a lot of
Speaker 1: it kind of does come down to your individual personality
Speaker 1: that in addition to your generation. Man, I'm extrovert, as
Speaker 1: you know, Matt. And when I was younger, and I
Speaker 1: would hear like some people got together on on Thursday
Speaker 1: and I wasn't there. I was like, I would, I
Speaker 1: would get that pomo, but it didn't feel the same
Speaker 1: because you didn't necessarily see the pictures um on social
Speaker 1: media and so you just kind of heard about it
Speaker 1: and then it left your mind really quickly after that.
Speaker 1: But now it's got this like stickability that makes the
Speaker 1: pomo I think worse for a lot of people. So
Speaker 1: I don't know, I guess I just gotta say I'm
Speaker 1: thankful that I grew up in an era where we
Speaker 1: didn't have internet at least for a portion of our youth,
Speaker 1: and then we're dial up. Internet was kind of the thing,
Speaker 1: you know, you remember the sound to try to get
Speaker 1: on and then when you when your family members would
Speaker 1: pick up the phone and you got kicked off and
Speaker 1: you're like, up the phone, what do you do? Like? Um?
Speaker 1: And I think just even growing up in an era
Speaker 1: where my first cell phone wasn't connected to the internet,
Speaker 1: we're the only thing you could actually do on it
Speaker 1: that was fun was play snake. Um. Like, there's something
Speaker 1: that like sets you up for a better life than that.
Speaker 1: I feel bad for the kids these days that are
Speaker 1: essentially you know, on Instagram or Twitter or on social media.
Speaker 1: Their whole lives kind of revolve around virtual interactions and
Speaker 1: that has some difficulties associated with it. But here on
Speaker 1: the show, you know, we we specifically like to talk
Speaker 1: about money, of course, and uh, fomo impacts our psyche
Speaker 1: as we've talked about a little bit in this segment,
Speaker 1: but it also affects our money too, and we want
Speaker 1: to get into some of the specifics of how that
Speaker 1: works and the impact that fomo has in that arena.
Speaker 1: Right after this break and so we're back from the
Speaker 1: break and I was just actually during the break, I
Speaker 1: was thinking about how like when when do a lot
Speaker 1: of people kind of catch up on social media at night,
Speaker 1: you know, like right before they go to bed. Uh,
Speaker 1: you know he's like, Okay, I haven't been on all day,
Speaker 1: or it's been several hours and or have been on
Speaker 1: eighty two times today, but I'm gonna do it again. Yeah.
Speaker 1: But like the ability for us to scroll through and
Speaker 1: look at what other people are doing, what they're buying,
Speaker 1: what they're purchasing. Could you imagine like, Okay, you're getting
Speaker 1: ready to go to bed, but then you're gonna jump
Speaker 1: in the car real quick and make a round of
Speaker 1: all of your friends. Obviously it's not possible because we've
Speaker 1: got friends obviously in other cities as well, But like,
Speaker 1: what would that do to you mentally? Like, no wonder
Speaker 1: people have anxiety, No wonder we have difficulties sleeping, you
Speaker 1: know for folks who are on their phones on social media, um,
Speaker 1: you know, right before bed. It's just kind of mind
Speaker 1: blowing to think through what that would actually look like.
Speaker 1: If we didn't have that technology, it wouldn't be possible,
Speaker 1: but be it would be ridiculous. You know. Um, just
Speaker 1: a little thought I had. But like you said, let's
Speaker 1: talk about it from like the standpoint of money, right. Uh,
Speaker 1: we're also seeing a major dose of fomo when it
Speaker 1: comes to our personal finances, and so let's let's talk
Speaker 1: about how the you know, fomo phenomenon has translate to
Speaker 1: the temptation to handle our money with the same reactionary behavior.
Speaker 1: You know, that Teddy Roosevelt quote you quoted earlier about
Speaker 1: comparison being the thief of joy is totally true. But
Speaker 1: in the world of personal finance, comparison can be the
Speaker 1: enemy of attaining our investing in savings goals. You know,
Speaker 1: it's the keeping up of the joneses and the treat
Speaker 1: yourself mentality that caused us to put too much emphasis
Speaker 1: on the here now, and it harms our ability to
Speaker 1: delay gratification that would lead to our own future. Good. Yeah,
Speaker 1: and comparing things like we talked about with the cherry
Speaker 1: picking aspect, it's it's not always an accurate picture you're getting.
Speaker 1: The interesting thing about comparing our financial lives with with
Speaker 1: those of others is that you know, what shape our
Speaker 1: personal finances are actually in is pretty dang hidden from
Speaker 1: everybody else, Right, you don't actually know. You can't actually
Speaker 1: see what my personal finances look like. You can only
Speaker 1: see what I'm projecting to the world. So what we see,
Speaker 1: at least in some degree is is the spending that
Speaker 1: takes place in the lives of those around us, not
Speaker 1: the saving and investing habits of them, the new car,
Speaker 1: the expensive vacation, or the private school education for the kids,
Speaker 1: or what you're seeing your friends spending their money on.
Speaker 1: But you don't see is what's happening behind that spending
Speaker 1: or your friends or coworkers or loved ones paying in
Speaker 1: cash or are they taking on a boatload of debt
Speaker 1: in order to finance those purchases, and is it keeping
Speaker 1: them up at night and causing them a bunch of stress,
Speaker 1: Because that's the case. Comparison in this case can cause
Speaker 1: you to make faulty assumptions that then mess up your
Speaker 1: own money situation. Well, if that person can afford it,
Speaker 1: you know, they're at a job that you know, I
Speaker 1: bet they make about as much as I do. I
Speaker 1: guess I can afford that too. Well, those things don't
Speaker 1: necessarily correlate, and you're not getting the full picture because
Speaker 1: you're only seeing a small portion of kind of their
Speaker 1: personal finance decisions. Yeah, man, you know, when what's taking
Speaker 1: place in the market becomes sort of like this national obsession,
Speaker 1: we should all be worried that FOMO is setting in.
Speaker 1: I know, any one of your favorite money writers, Christine
Speaker 1: Ben's over there at morning Star. She tweeted recently about
Speaker 1: some of the warning signs that are taking place with
Speaker 1: how investors are acting. People are treating individual stocks um
Speaker 1: like bitcoin, cryptocurrencies, and just the market in general as
Speaker 1: a high interest savings account that never goes down. But
Speaker 1: history shows us that the market will experience turbulence, you know.
Speaker 1: Uh so don't let POMO change your investing plan and
Speaker 1: cause you to to make risky your bets. Yeah, man,
Speaker 1: I think that's an extreme. Part of what's currently happening
Speaker 1: in the financial FOMO atmosphere is that people are seeing
Speaker 1: just an extreme rising stock prices. They're seeing certain individual
Speaker 1: stocks just leaping off the charts um. They're seeing crazy
Speaker 1: things like bitcoin just shooting up to to record highs,
Speaker 1: and they're like, what am I doing with my life?
Speaker 1: And why is my money not invested in that way?
Speaker 1: It makes them rethink their plan. Am I doing things wrong?
Speaker 1: Because this all this is happening around me and I'm
Speaker 1: not involved. But let's talk about those riskier bets and
Speaker 1: what FOMO can lead you to do when it majorly
Speaker 1: sets in. Well, it can lead you to a rational
Speaker 1: decision making, like let's say, jumping into individual stock investing
Speaker 1: because you want to ride the wave that others are on.
Speaker 1: That has led to financial ruin in some cases, Like
Speaker 1: I don't know if on the show we've ever talked
Speaker 1: about the young Robin investor who killed himself after seeing
Speaker 1: a massive negative balance that was in the summer of
Speaker 1: last year. I think, but investing in ways that you
Speaker 1: don't know much about can take a massive toll on
Speaker 1: your finances and your personal health to those rational decisions
Speaker 1: can lead to severe consequences, and in that case, the
Speaker 1: most severe of consequences. But I feel like the turbo
Speaker 1: charged feelings of FOMO that people are are feeling right
Speaker 1: now can definitely lead to that sort of decision making
Speaker 1: that doesn't really have any basis in facts or reality
Speaker 1: or your own personalized money plan. Yeah, it's in a
Speaker 1: sense like FOMO leads to the sort of echo chamber
Speaker 1: of people all like participating in this sort of hive
Speaker 1: mind where they're all thinking the same thing. Nobody is
Speaker 1: really questioning reality, and they're gonna continue doing what has
Speaker 1: been working, even though there may not be a basis
Speaker 1: for that continuing in that direction and on the contrary, right,
Speaker 1: I'm like, I'm thinking through to how someone might actually
Speaker 1: take a contrarian view as justification, you know, like leading
Speaker 1: to actions that can maybe similarly be harmful. I'm thinking
Speaker 1: about the Tesla short sellers, like they were so sure
Speaker 1: that Tesla's rise couldn't continue that they then lost tens
Speaker 1: of billions of dollars taking that contrarian position. Uh, but
Speaker 1: you know yet Tesla's dot continues to rise to the
Speaker 1: tune of se last year. FOMO can cause you to
Speaker 1: to make ill advised bets in an attempt to prove
Speaker 1: something to yourself or others, and that could also cause
Speaker 1: financial damage. Yeah, I think to another thing that FOMO
Speaker 1: can lead you to do when it comes to your
Speaker 1: money is make not just the wrong decision, but make
Speaker 1: the wrong decision for you, because like, depending on where
Speaker 1: you are at in your personal finance journey, you might
Speaker 1: end up making a move with your money that makes
Speaker 1: perfect sense for someone else, but it could be catastrophic
Speaker 1: for your own personal financial situation. Context is so key
Speaker 1: when we're talking about money. Like let's say Warren Buffett,
Speaker 1: it makes makes a decision to go all in on
Speaker 1: a company. That doesn't mean that you've got the green
Speaker 1: light to follow suit though, right, Remember that the game
Speaker 1: that you're playing and the game that Warren Buffett is
Speaker 1: playing are completely different ball games. The game you're playing
Speaker 1: is to be to retire someday with enough money to
Speaker 1: be able to fund your lifestyle. You're not in the
Speaker 1: business of making billion dollar deals, So don't compare yourself
Speaker 1: to the people that are in that business. I think
Speaker 1: that's another thing that FOMO can produce in us is
Speaker 1: we want to invest like the big timers. We might
Speaker 1: want to get rich quick or do something that isn't
Speaker 1: in our wheelhouse. Um, and we have to remember, like
Speaker 1: who we are in the game that we're playing with
Speaker 1: our money. Yeah no, nor are we in the business
Speaker 1: of eating at McDonald's every morning. Uh. Let's leave that
Speaker 1: to Warren. We'll leave that to our good but to Warren. Uh.
Speaker 1: And So that's a good example when it comes to investing, right.
Speaker 1: But the same is true in other areas of our
Speaker 1: financial lives as well, you know, especially when it comes
Speaker 1: to spending. You know, we mentioned housing earlier, Like who
Speaker 1: would have thought that mortgage interest rates would be as
Speaker 1: low as they are right now? But just because this
Speaker 1: is the right time for someone else to buy a home,
Speaker 1: you know that maybe they've been saving up for a
Speaker 1: couple of years, that doesn't mean that you should be
Speaker 1: doing the same thing. Uh. It does feel like there's
Speaker 1: there's like a kind of a closing window for folks
Speaker 1: to kind of snag these all time low rates. But
Speaker 1: it doesn't matter if it's not the right time for you,
Speaker 1: for you as an individual. And I think we even
Speaker 1: see this too when it comes to just how certain
Speaker 1: things are marketed to us, right like aside from a
Speaker 1: financial like a larger financial purchase like a home with
Speaker 1: mortgage traits, but even just like retail consumption. I think
Speaker 1: about all the different mattress companies that advertise on podcasts
Speaker 1: like ours. There are hundreds of them. There are so
Speaker 1: many of them, uh that you know, when you hear
Speaker 1: it being talked about so often, it makes you think, oh,
Speaker 1: am I missing out on a good night's sleep, Like
Speaker 1: everbody's getting a mattress? Why aren't I everybody's sleeping? So well,
Speaker 1: this is something that I need as well, And you
Speaker 1: haven't necessarily questioned, oh, well, maybe I shouldn't be on
Speaker 1: my phone at night before I go to bed. Maybe
Speaker 1: I just need to sleep longer, Maybe need to go
Speaker 1: to go to bed earlier, maybe turn off Netflix. Right, Like,
Speaker 1: there's so many things that we need to consider, uh
Speaker 1: and it and and our behavior doesn't need to be reactionary.
Speaker 1: We don't need to see what's out there, what's being
Speaker 1: fed to us, what's being marketed to us, uh and
Speaker 1: then making sort of a knee jerk reaction based on that.
Speaker 1: So we can have an impact on you know, not
Speaker 1: only how we invest our money, but also how we yeah,
Speaker 1: how we spend it as well. That's true. Fomo can
Speaker 1: cause us to spend more than we otherwise should, that's
Speaker 1: for sure. And these are just some of the ways
Speaker 1: that fomo can can wreck our personal finances. We of
Speaker 1: course want to make sure that you're not doing that,
Speaker 1: and so we're going to talk about what to do
Speaker 1: the ways that you can actually fend off fomo so
Speaker 1: that you don't make those terrible money moves. And we'll
Speaker 1: get to our thoughts on that right after this break.
Speaker 1: All right, we're back from the break, and we're discussing
Speaker 1: how you can fend off financial fomo. Uh jel, I'm
Speaker 1: thinking of it like like fencers going back and forth
Speaker 1: with you know, you also have to kind of like
Speaker 1: have that attitude towards them. There's offending, there's some defending
Speaker 1: fending fencing, and with the foil the other f right, uh,
Speaker 1: And so I mean generally speaking here there's there's a
Speaker 1: couple of problems that we've identified. One of them is
Speaker 1: comparison and the other one is just all the news,
Speaker 1: all the noise that we allow into our lives every day.
Speaker 1: And so instead of allowing the things to dictate, how
Speaker 1: does that we behave? Instead, we want you to first
Speaker 1: of all, cut the noise as much as possible. Right,
Speaker 1: this is including the news. Ask yourself, is there actually
Speaker 1: twenty four hours worth of news in a day that
Speaker 1: is that is actually worth consuming? Oh? I can answer
Speaker 1: that yeah, No, no, no way of course not. But
Speaker 1: because it exists, we can use the excuse that we
Speaker 1: are just trying to stay informed. You know, this is
Speaker 1: something I find myself telling myself where I'm like, I
Speaker 1: need to stay informed, especially given all that's going on
Speaker 1: these days. But can find your news and take and
Speaker 1: as attempt to find maybe even better venues in order
Speaker 1: to get informed than just having you know, whether it
Speaker 1: be talk radio or just like podcast just blaring constantly
Speaker 1: in the background. Make sure that you are actively participating
Speaker 1: in this versus allowing it just to kind of constantly
Speaker 1: bombard your senses. Yeah, for sure, there's only one podcast
Speaker 1: I'm okay with you blaring in the background at all
Speaker 1: hours of the day. And then you know, we Matt.
Speaker 1: We recently had Rachel Cruise on the show. She admitted
Speaker 1: that she used to check her her email first thing
Speaker 1: when she woke up. There's something I think about before
Speaker 1: your feet even touched the floor, getting inundated with information
Speaker 1: problems that might be coming at you via email or
Speaker 1: checking your Twitter feed even right, those are the kind
Speaker 1: of things that are going to start your day off
Speaker 1: on the wrong foot. So allow yourself at least a
Speaker 1: cup of coffee and a few moments of silence before
Speaker 1: you start checking your phone stuff. That's just like a
Speaker 1: minor tweak, but it does cut down on the noise
Speaker 1: that's reaching you literally immediately as you open your eyes.
Speaker 1: And I do think there's a number of our listeners
Speaker 1: out there who probably start their way that day. I
Speaker 1: know I used to too, Like Rachel's not alone, a
Speaker 1: lot of people do that, And so yeah, I think
Speaker 1: putting your phone aside, maybe for the first thirty minutes
Speaker 1: of every morning is a really great way to combat
Speaker 1: that information overloaded, anti combat FOMO at the same time, Yeah,
Speaker 1: and you know, this even means avoiding financial sites if
Speaker 1: if they begin to tell at your fomo feelings, you know, like,
Speaker 1: stop watching financial news like CNBC, stop looking at your
Speaker 1: retirement account statements so frequently, like you know, stop looking
Speaker 1: at the small things that might cause you a little
Speaker 1: bit of stress. The stats have shown that the more
Speaker 1: frequently investors check their phone for one case, stay meants, uh,
Speaker 1: the more likely they are to make ill informed changes
Speaker 1: to their investment choices. Awareness is so important here, and
Speaker 1: if you see that you are participating in some of
Speaker 1: these knee jerk behaviors and some of these reactions, then
Speaker 1: it's gonna be time for you to make a change. Yeah, man,
Speaker 1: I think you're wise to to mention limiting the role
Speaker 1: that traditional media plays in our lives and social media
Speaker 1: same thing, right, I think we should actually be massively
Speaker 1: cutting down the time that we spend on both of
Speaker 1: those things. And so when it comes to the issue
Speaker 1: of comparison, but we we would suggest that you begin
Speaker 1: to cut the number of influences or lifestyle accounts that
Speaker 1: you follow on social media, but unquote influencers like you right, no, exactly,
Speaker 1: I've got a lifestyle account. I can't wait to follow it.
Speaker 1: How to money life, you know exactly exactly. That might
Speaker 1: even mean unfollowing some of your actual friends too. Since
Speaker 1: so much of our interactions are taking place in this
Speaker 1: cleaned up, moderated digital world, we're not actually seeing the
Speaker 1: messy reality that that all of us live in. We're
Speaker 1: just seeing the perfectly appointed living room that you walk
Speaker 1: into when you first arrived at the house. And so
Speaker 1: this doesn't mean that you're not still friends. I think
Speaker 1: for a lot of people, especially younger generations, it can
Speaker 1: feel like that. But give him a call and actually
Speaker 1: catch up, grab a coffee or a beer, and talk
Speaker 1: about the stuff that actually matters instead of just the
Speaker 1: stuff that they're buying. Instead of your friendship purely living
Speaker 1: in the digital world. Bring it back into reality, Bring
Speaker 1: it back into the physical world. Yeah, So cutting back
Speaker 1: on the amount of information that we're bombarded with every
Speaker 1: single day is one way to to make sure that
Speaker 1: we're not falling victim to fomo. Also having a plan
Speaker 1: is really important, and having one that you can you
Speaker 1: can actually stick to like that is even better. Actually
Speaker 1: pulled up my investing plan from a few years ago,
Speaker 1: uh that I had looked at in quite some time,
Speaker 1: and dude, it was so fun to see how I'm
Speaker 1: doing and how I'm actually sticking to it. It's fun
Speaker 1: to see kind of like some of the fundamentals that
Speaker 1: I identified way back then, uh, and how they still
Speaker 1: inform me today. Uh. And you know, even though it's
Speaker 1: it's not something I have to physically look at often,
Speaker 1: it's still informs my investing decisions when I when I
Speaker 1: do have periods of doubt, you know, like when Tesla
Speaker 1: stock Shop the the roof last year. Writing that plan
Speaker 1: out is a I think a key part of having
Speaker 1: a plan. You know, our our brains can easily play
Speaker 1: tricks on us, and it allows us to maybe bend
Speaker 1: the truth a little bit when we are in an
Speaker 1: emotionally vulnerable spot, you know, and that's exactly what is
Speaker 1: happening to us when fomo is coursing through our veins.
Speaker 1: Were far more likely to react emotionally. Yes, I totally
Speaker 1: agree you need a plan, right, but more than just
Speaker 1: having a plan and a plan this written down is
Speaker 1: you need to have a plan that you can stick with,
Speaker 1: and like a plan that you can't stick to is
Speaker 1: going to be a plan that doesn't make sense. It's
Speaker 1: almost a worthless plan at that point. So, right, a
Speaker 1: plan that you can stick to that aligns with your
Speaker 1: values is crucial and and so yeah, it needs to
Speaker 1: be something that's durable, Matt. We talked about this with
Speaker 1: Morgan housell Uh just a few months ago, and he
Speaker 1: told us that he paid off his home even though
Speaker 1: it wasn't the best use of his money from a
Speaker 1: numerical standpoint, especially as a younger dude. Morgan could be
Speaker 1: putting more money in the stock market, and over the
Speaker 1: decades he's going to see a far greater return on
Speaker 1: his money from a numerical standpoint if he chose investing
Speaker 1: over paying off the house. But he told us that
Speaker 1: this choice allowed him to stay invested in stocks through
Speaker 1: thick and through thin, when things are good in the
Speaker 1: market and when things are rough, not to mention just
Speaker 1: the peace of mind that it brings him knowing that
Speaker 1: his family can live in this home no matter what.
Speaker 1: Nobody's taking that home away from him. And so yeah,
Speaker 1: make sure your plan is similarly thought through, so that
Speaker 1: your plan can inform how you treat your money for
Speaker 1: years to come, and that you're not being reactionary with
Speaker 1: how you handle your money. Yeah. Man, Like an example
Speaker 1: for me is my approach to single stock investing. You know,
Speaker 1: I'll admit that, like I'm having some serious fomo not
Speaker 1: being in on Tesla not the only one. Yeah, and
Speaker 1: even like some cryptocurrencies to you know, it crosses my
Speaker 1: mind to switch up my portfolio completely, But then I
Speaker 1: remind myself that I'm I'm not investing to get rich quickly.
Speaker 1: Why am I investing. I'm doing it to provide financial
Speaker 1: security and freedom and for my family to have financial stability.
Speaker 1: And you know, by being my portfolio at risk, by
Speaker 1: not diversifying and putting all that you know into single stocks,
Speaker 1: I'm putting that financial stability at risk. And so for me, man,
Speaker 1: being patient and having stability as a goal like that
Speaker 1: informs my plan. Uh, and that plan then informs my
Speaker 1: behavior and directs my behavior. Having that written down is
Speaker 1: so important, right, and it's it's so helpful to know
Speaker 1: that that's why you're doing what you're doing. And I
Speaker 1: think when we don't have that informed why behind our plan.
Speaker 1: It can be easy to want to shake things up
Speaker 1: based on what's happening around us in the moment, and
Speaker 1: that can lead to to bad decision making. Yeah, and
Speaker 1: I think to Matt, just one other thing that people
Speaker 1: should consider if they and particularly if they struggle from
Speaker 1: FOMO on the regular is that it can be helpful
Speaker 1: to have a release valve in your life that allows
Speaker 1: you to scratch maybe some of those smaller FOMO itches
Speaker 1: so that they don't become I don't know, something like
Speaker 1: full blown fomo chickenpox. Uh, you know you wanted to
Speaker 1: stay small and and I think if you have just
Speaker 1: that smaller release valve, it can help you stick to
Speaker 1: your plan too. Right, due to the pandemic, a lot
Speaker 1: of us are feeling the strain of not seeing or
Speaker 1: catching up with friends well. In order to scratch that
Speaker 1: itch some the solution could be as simple as a
Speaker 1: beer with a friend outdoors on a porch around a fire.
Speaker 1: Don't cave to that FOMO by hosting a massive indoor party, right, Like,
Speaker 1: that's not what you don't want to do right now,
Speaker 1: is the opposite of what you want to do. Maybe
Speaker 1: in the fall you can but not right now. Um,
Speaker 1: but that's the kind of thing is like you have
Speaker 1: to have a release foul for those things you're gonna
Speaker 1: go crazy. You gotta find some way to see the
Speaker 1: people that mean the most to you, but do it
Speaker 1: in a smart way that's not going to get you sick. Yeah.
Speaker 1: So that's a good relational example. When it comes to
Speaker 1: your spending. There's little things that we can do as
Speaker 1: well to kind of have a pressure release valve. You can,
Speaker 1: for instance, uh, make a smaller change that doesn't cost much. Like,
Speaker 1: So for me, I'm thinking through like I like d
Speaker 1: I y home renovation projects things like that, but instead
Speaker 1: of doing a full blown renovation, you know, to a
Speaker 1: room or knocking out a wall or something like that,
Speaker 1: maybe you could just do something more affordable like painting. Um, dude,
Speaker 1: we're getting a nice indoor plant. Honestly, that makes a
Speaker 1: big difference, it really does. Uh. So recently I haven't
Speaker 1: we don't think we've ad about this on the show,
Speaker 1: but recently, like Ca and I've been talking through how
Speaker 1: like we want to renovate the girls bathroom at some point,
Speaker 1: and I'm like toying with the idea of doing that myself.
Speaker 1: Because like I enjoy working with my hands and seeing
Speaker 1: something I've accomplished, Uh, interacting with a space, like I
Speaker 1: get a lot of joy out of that. But having
Speaker 1: a plan in this case is really helful because we're
Speaker 1: identifying that, like you know what, like that is not necessary.
Speaker 1: I just want to do that. It's not because it's
Speaker 1: a need. Uh. And so over the holidays, I was
Speaker 1: just like, okay, I want to scratch that. Itche a
Speaker 1: little bit, and uh, you know, we talked with I
Speaker 1: talked with the girls, and we decided that let's let's
Speaker 1: build a secret passageway. And so you know, we cut
Speaker 1: out the back of a built in cabinet that we
Speaker 1: have in our playroom and now it leads to a
Speaker 1: closet that the girls are able to play in. Uh. Dude,
Speaker 1: it was a lot of fun, first of all, to
Speaker 1: to do the project, but the girls are freaking loving it.
Speaker 1: And I spend no money building this thing out because
Speaker 1: these were all materials we had laying around the house
Speaker 1: just so they go on to Narnia. They getting transported
Speaker 1: when that thing. We read those books last year and
Speaker 1: so that's where Kate and I kind of got the
Speaker 1: idea we're actually reading the hobbit now so now they
Speaker 1: call it a hobbit hole. Uh. But like for for me,
Speaker 1: that was a way to kind of all right, I'm
Speaker 1: gonna work with my hands, pull out the tools, do
Speaker 1: you know, change the environment around me some which is
Speaker 1: are all things that are really enjoy But instead of
Speaker 1: doing that like on a massive scale where we're going
Speaker 1: to spend potentially thousands of dollars of you know, buying
Speaker 1: materials and obviously the amount of time as well, I
Speaker 1: was able to spend time on the weekend over the
Speaker 1: holiday doing this, you know, cutting out a hole into
Speaker 1: a wall, like supporting the stud I did have to
Speaker 1: move an electrical box. That was exciting, but I've never
Speaker 1: done electrical work before. But you know, just watch a
Speaker 1: few YouTube videos. But the bottom line though, I was
Speaker 1: able to do that without spending any money at all.
Speaker 1: That was a way that was able to scratch that
Speaker 1: itch without it costing me a lot of money, without
Speaker 1: it affecting my my finances. There you go, I like it.
Speaker 1: That's the release valve so that you don't go overboard
Speaker 1: and spend more money than than you should or then
Speaker 1: you actually have in order to do like some rentow
Speaker 1: work that you're wanting to do. Another thing too, like
Speaker 1: when we're talking about a release valve, you can have
Speaker 1: a release valve built into the way that you invest.
Speaker 1: And the way to do that is to dedicate a percentage,
Speaker 1: a very small sentage, like five pc or less, of
Speaker 1: your portfolio to investing in companies or sectors that intrigue you.
Speaker 1: Do you want to own a little Tesla. We've been
Speaker 1: talking about Tesla a lot, but that's just because they've
Speaker 1: been on its hair. Yeah, it's the meteorc chries that
Speaker 1: everyone everyone knows about. But do you want to own
Speaker 1: some Tesla or do you just want or maybe Amazon
Speaker 1: or Apple or whatever, just companies that you like, or
Speaker 1: or just do you want to have the ability to
Speaker 1: run some experiments kind of like you know what we
Speaker 1: did in grade school with the stock market experiment. I
Speaker 1: remember that, By the way, that's a terrible way to
Speaker 1: teach kids about investing, it really is. I specifically remember
Speaker 1: investing in Xerox, like I think the stocks was x
Speaker 1: ir rex back in the day that you have to
Speaker 1: look it up in the newspaper. Yeah, terrible, terrible way
Speaker 1: to teach about the stock market. It is. It is.
Speaker 1: But but for you, you you know, if you want to
Speaker 1: be able to dabble, like, if you don't want to
Speaker 1: completely be missing out, you can not miss out completely
Speaker 1: by putting just a small percentage of your resources towards
Speaker 1: some of those things that you're interested in, and that
Speaker 1: can be just the release vout that you need in
Speaker 1: order to keep the nine or more of your money
Speaker 1: well diversified for your future. You've got that little play money,
Speaker 1: that little fun stuff that you can do whatever you
Speaker 1: want with, but the vast majority remains in a target
Speaker 1: date retirement funds or total stock market index funds that
Speaker 1: are building wealth for your future without that massive amount
Speaker 1: of risk involved. Yea. So it's so funny about by
Speaker 1: the fact that we've been talking about Tesla so much,
Speaker 1: is that this you know, I mentioned that I have
Speaker 1: had some FOMO regarding Tesla specifically, And what's really interesting
Speaker 1: is that the SMP five fundered inducted Tesla at the
Speaker 1: end of last year, and so I am all about
Speaker 1: the SP five. I have all of my personal retirement
Speaker 1: invested in vou v o O, which is the Vanguard's
Speaker 1: SMP index fund. Uh and now that that is included
Speaker 1: and reflected in that e t F, I technically now
Speaker 1: own like two percent of that e t F is
Speaker 1: made up of Tesla, So like problem solved. Like I
Speaker 1: literally feel differently about Tesla than I did, you know,
Speaker 1: towards the end of last you know, before the end
Speaker 1: of last year, because now I'm like, oh, well, at
Speaker 1: least two percent of my portfolio is actually made up
Speaker 1: of Tesla, so that it's has been scratched, right, uh.
Speaker 1: And so that's just another word too. I mean we're
Speaker 1: talking about diversification here. That's a way to avoid FOMO
Speaker 1: because when you are widely diversified, when you are invested
Speaker 1: in a little bit of everything, there's no missing out
Speaker 1: because you're you're you're invited to the party. You're invited
Speaker 1: a little bit to all the parties out there. And
Speaker 1: so that's definitely something to keep in mind as well.
Speaker 1: If you are experiencing FOMO, don't worry about that. Instead
Speaker 1: rely on index funds. Yeah, and and Matt Ultimately, at
Speaker 1: its heart, FOMO is reactionary, and it's something that we're
Speaker 1: tempted to more and more of these days by the
Speaker 1: various inputs that come into our lives. We're tempted to
Speaker 1: buy something new or to make changes to our lives
Speaker 1: when just a few minutes ago we were completely content
Speaker 1: with the way that things were. And I think that
Speaker 1: knowing the subtle ways that FOMO works its way into
Speaker 1: our personal finances it can be helpful. But it's also
Speaker 1: important to cut out the unnecessary noise and also to
Speaker 1: combat it with a plan that you can stick to
Speaker 1: and remind yourself that the things that you're seeing don't
Speaker 1: always resemble the the exact truth. Often there some cherry
Speaker 1: picking involved. We're always being sold a version of the
Speaker 1: truth we're not We're not getting the full honest truth
Speaker 1: from everyone out there from all these inputs that were
Speaker 1: constantly seen. Yeah, and and honestly, man that the truth
Speaker 1: is that living life on your own terms is is
Speaker 1: way better than buying into much of the stuff that
Speaker 1: FOMO is pushing you towards. You know, being content with
Speaker 1: your work, you your life and finances is a great
Speaker 1: goal to have amidst the sea of everyone wanting it all.
Speaker 1: And so I think this is a good word for us.
Speaker 1: You know, offending off and curving fomo is going to
Speaker 1: have much better emotional and financial outcomes for all of us.
Speaker 1: That's true. I I think that maybe this feels kind
Speaker 1: of like an odd topic for a money podcast to
Speaker 1: take on, but it just it totally feels like something
Speaker 1: that this psychological trick that is played on us pretty
Speaker 1: much every day just by living life, like just by
Speaker 1: walking through this world, fomo happens um to all of
Speaker 1: us at one time or another. And I think pulling
Speaker 1: back the curtain seeing how it happens um can allow
Speaker 1: us to make better choices moving forward. But all right,
Speaker 1: let's get back to the beer that we had on
Speaker 1: this show. This one's called Dank Daniel and this one
Speaker 1: was the Hazy Palele from Heist Brewing at. What were
Speaker 1: your thoughts on this beer, man, Yeah, it's worth mentioning
Speaker 1: to you. On the label, they got a pair of
Speaker 1: the white Vans saying there underneath, uh, dank Daniel on
Speaker 1: the label. But I enjoyed this beer. Man. This was
Speaker 1: a hazy, but as hazies go, I will say, it
Speaker 1: wasn't overly hazy like sometimes you know, I we're drinking hazy.
Speaker 1: I p a s and they really they put an
Speaker 1: astric only partially hazy, like if this was orange juice,
Speaker 1: it would say no pulp. Because some of the ones
Speaker 1: we drink, I swear it's like there's pulp in there.
Speaker 1: There's like the hop thickness going on. This one wasn't
Speaker 1: like that. It was certainly opaque, you know, you couldn't
Speaker 1: see through it. It had that tingly hot flavor going on,
Speaker 1: but it wasn't overly cloudy. I think this would be
Speaker 1: a good introduction to hazy I p A s if
Speaker 1: you've never had one. But yeah, I liked it. That's
Speaker 1: all I'm gonna say. It's a good I p A.
Speaker 1: And actually you're wrong, it's a pale ale. Yeah, but
Speaker 1: hazy pale. I keep calling hazy I p A that. Sorry,
Speaker 1: Oh that explains it. Then, yeah, okay, it's it's a
Speaker 1: little warm reserved, which you know. That's honestly. That's why
Speaker 1: I think paleos right now are my sweet spot, dude. Yeah,
Speaker 1: and I actually kind of like it more now that
Speaker 1: I know it's a hazy pale. It's not an underwhelming
Speaker 1: IP anymore. It's a high performing pale. Yeah, exactly. Well, yeah,
Speaker 1: I think it's like it's just low key method of
Speaker 1: solid hop distribution. In my mind, I feel like palels
Speaker 1: can be a little bit cleaner a little more accessible
Speaker 1: and not overwhelm your palette nearly as much. So, I mean,
Speaker 1: I still like a good I PA, love a good
Speaker 1: I PA, but this was a really solid pail that
Speaker 1: brought the hops without being too much. Yeah. Absolutely. I
Speaker 1: feel like sometimes pales can be kind of written off
Speaker 1: as like like j V I P A S. You know,
Speaker 1: like like they're not like pales don't stand up on
Speaker 1: their own. They're just you know, they're they're waiting for
Speaker 1: their chance to get on the varsity team that like
Speaker 1: they want to someday be in India pale ale. But yeah,
Speaker 1: you and I would disagree. We totally feel that pale
Speaker 1: ales are totally where it's at. And I love that
Speaker 1: more breweries are incorporating some of the hot flavors within
Speaker 1: the pale als and so they're lighter in body, easier
Speaker 1: to drink, but still have a ton of flavor. Can't
Speaker 1: go wrong, man, no doubt. Yeah. All right, Well that's
Speaker 1: gonna be it for this episod. Listeners can find our
Speaker 1: show notes up at our website at how to money
Speaker 1: dot com. Definitely head over there if you have a
Speaker 1: visit our website before. We've got lots of different resources
Speaker 1: on there to help you with your money. Yeah, and
Speaker 1: if you're relatively new to the podcast, um, and you're
Speaker 1: enjoying it, but you haven't been able to leave a
Speaker 1: review yet, well, Matt and I, we'd appreciate if you
Speaker 1: would leave just a quick rating and review over on
Speaker 1: Apple Podcasts or wherever you listen. It just helps other
Speaker 1: people find out about the show, find out what we're
Speaker 1: up to here at how to Money, and of course
Speaker 1: it helps us to continue making the show. Yeah, that's true,
Speaker 1: and thanks in advance for doing that for us. We
Speaker 1: appreciate it. All right, Matt, that's gonna be it for
Speaker 1: this episode. Until next time, Best Friends Out, Best Friends Out,